§ Mr. RHYS DAVIESasked the President of the Board of Trade the total amount of capital subscribed to the Apex (British) Artificial Silk Company, Limited, 100, Carpenters Road, Stratford, now in voluntary liquidation; the total amount paid in interest to the shareholders; the total amount of capital repaid; whether he will cause inquiries to be made as to bow the capital raised was spent; and whether he proposes to introduce any legislation which will afford investors greater protection in connection with the formation and conduct of companies of this kind?
§ Mr. RUNCIMANAccording to the last available balance sheet of the company, the capital subscribed was £297,896, of which £3,613 4s. 8d. has been returned to shareholders in the voluntary liquidation. The Board of Trade have no information that any amount was paid in interest to shareholders while the company was in operation. Information as to the manner in which the cash capital of the company was expended is shown in the last audited balance sheet of the company which was presumably sent to the shareholders in accordance with the requirements of the Companies Act, 1929, and it has been open to the shareholders to raise any relevant questions with the voluntary liquidator who was appointed by them. The suggestion in the last part of the hon. Member's 1029W question has been noted for investigation when any amendment of the Companies Act is under consideration.